My 💝Love/Hate😩 Realationship with the Bear Market.
Since early this year I've been in this confusing situation where some days I'm just disappointed at the market and other days I'm actually happy prices are low. If you had any crypto assets during Dec/Jan then you've undoubtedly noticed your portfolio has lost 70 percent of its value since then. How does that make you feel? Are you mad you've lost money or are you glad you can buy more at a lower price?
For me it's never the same answer. On different days I have mixed emotions about the current bear market and where I'm at because of it. When I have extra funds that come through by other means I'm happy because I get to buy cryptocurrencies at a discount now. But when I'm flat broke and pondering whether I should be getting a job to maintain my lifestyle I get mad and panic that this bear market may actually last another 2 years like it did back in 2013.
I know for sure that I can't sell my crypto because I've learned in the past that is the worst mistake I could do. In the past I sold my assets when prices were dropping only to buy them at a higher price than I bought. Experience has beaten some patience into me over the years and deep down I know for sure this is the time I should be doubling down on my portfolio.
I guess the thing that gets me the most is the uncertainty of when we'll see another bull market. I don't want to invest more money when I barely have any and have to wait another 2 years to see any returns. I would be better off just using it for something else like rent and look to invest more into crypto 2 years from now.
It's a consistent battle between the two sides. One side is glad at the opportunity to buy bitcoin at 1/3 of the price it used to be and says I should definitely buy more. The other side is saying I can't keep repeating the same thing and expecting different results, it's almost a year and prices are still down. This process goes on over and over again as weeks have turned into months and anxiety is worried this might turn into years.
Honestly, I don't know how I've kept sane with all of this. The younger me would've gone on meltdown for sure and sold all his crypto months ago already. I would've probably gotten a real job by now and planning my next entry into the market, but because I've experienced something similar before I've managed to keep it all together. Although I don't remember the last downtrend lasting this long, this has to be the longest bear market since 2013 - 2015.
I have faith that things will make a turn for the better eventually, so I've managed to survive yet another week. What I have done though is slow down on the buying and save that money for rainy days just so I won't have to get a job at McDonald's later on.
The other thing I like about a bear market is that it affords you time to learn and research new stuff that's going on in the space. Whether it be technical analysis or a new innovation in cryptocurrencies and blockchain technology, there's a lot that can help be a better investor and/or trader within this space. Your past experiences should be learned from and find ways to deal with similar situations better than you did before.
I suppose that's the moral of the story. Do better today than you did yesterday and keep on improving yourself.
In a space that is constantly evolving it is vital that we also evolve with it or risk being left behind.
That's all I have today please let me know if there's a technique or strategy that works for you and that I should be implementing.
Until the next one, Take care!
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